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PalmPay launches savings products to boost financial inclusion in Nigeria

By Delisha Fernandes

March 12, 2024

  • Bill Payments
  • Credit Services
  • FinTech Africa
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PalmPayAfrica-focused FinTech platform PalmPay has unveiled two cost-saving financial products – Unlimited Free Transfer and Target Savings for users.

With the new financial products, users of the PalmPay app can now enjoy unlimited free transfers to all banks in the country and customize their savings plan to suit their preferred savings amount, duration and frequency.

Chika Nwosu, Managing Director of PalmPay Nigeria,  said, “We are excited to introduce unlimited free transfers to our users. This aligns with our mission to provide inclusive financial services that meet the needs of our diverse user base. We believe that everyone should have access to affordable financial services, and this update is a significant step towards that goal,”

By removing transfer fees to all banks and FinTech platforms on its app, PalmPay has now empowered its millions of customers to enjoy endless fund transfers to family and friends, pay their bills seamlessly, and manage their finances more effectively.

The PalmPay Target Savings allows users of the FinTech app to create their savings goals and customize their preferred savings duration and frequency. The system will automatically save for you based on your set frequency and amount.

Once the user has attained their goals, reached their savings target date and has achieved their set savings amount, they earn an attractive interest rate of 12% Per Annum (P.A) for their savings discipline on the amount they’ve been able to save.

PalmPay aims to drive economic empowerment in Africa by offering financial services like money transfers, bill payments, credit services, and savings on its app and mobile money agents.

PalmPay has its footprint in Ghana where it operates with an enhanced payment service providers (EPSP) license, offering merchant acquiring solutions (All-in-one payment solutions for business), and also operates in Tanzania as a payment system provider, with plans to grow its multi-country and cross-border presence.

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